10:00AM Sydney, Australia – Insurance Australia Group Limited net profit dropped 96.3%. Westpac Banking Corporation net profit dropped 2%.

Insurance Australia Group Limited, the nation’s largest insurer of cars and houses said first-half net profit dropped 96.3% to A$4 million compared to net profit of A$110 million, a year ago.

Insurance Australia Group Limited, in the last one year traded as high as A$4.46 in May 2008 and as low as A$3.13 in February 2009. Based on the yesterday’s closing price of A$3.46 the company has market cap of A$6.50 billion.

Westpac Banking Corporation, Australia’s biggest lender by market value said first-quarter net profit dropped 2% to A$1.2 billion.

Westpac Banking Corporation, in the last one year traded as high as A$26.25 in May 2008 and as low as A$14.40 in January 2009. Based on the yesterday’s closing price of A$16.48 the company has market cap of A$47.47 billion.